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Life insurance for plumbers

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Life insurance

What is life insurance and do I need it?

No matter what your occupation is, life insurance a type of policy designed to pay out a lump sum to your family and loved ones (or whoever you list as beneficiaries) in the event of the policyholder’s death. In return, the policyholder pays monthly premiums according to their policy’s terms.

Of course, the policy will only pay out according to its terms and conditions that are pre-agreed during the application process, so it is highly important that you are completely honest with your insurer when purchasing cover – If you fail to disclose important information about yourself, your life insurance policy is likely to be voided, meaning that your loved ones won’t receive the payout they were promised.

As to whether or not you need life insurance, it is not a legal requirement, but when getting a mortgage, most providers and lenders will require you to have life insurance in place so that the mortgage is covered should anything happen to you.

Learn more: Level Term VS Decreasing Term Insurance

The main reason why most people get life insurance, however, is to protect the future of their loved ones.

If you wish to do this for your family then life insurance is an essential policy to have in place. If you were to suddenly pass away, your family will not have to worry about how they’re going to afford to pay the monthly bills and other expenses. Instead, they can focus on grieving for their loss in peace without the added financial burden.

Additionally, if your occupation as a plumber comes with its own risks, this is even more of a reason to secure life cover as soon as possible to ensure the ones you care about are financially protected for the unexpected.

Read more: Different Types of Life Insurance Policies

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How do insurers calculate the cost of cover? How much is insurance for plumbers?

Insurance companies will look at a range of information about your individual situation. Here are a few things that they take into consideration when working out the cost of your premium:

  • The length of the policy
  • The size of the payout (sum insured)
  • Age
  • Current health status and medical history (pre-existing conditions)
  • If you smoke or not
  • Your family’s medical history
  • Your occupation (as a plumber, they will want to know if your work is UK-based or if you work offshore)

In many cases, plumbers may be offered insurance under standard terms and the monthly premiums should reflect this.

However, if you pose more risks to the insurer, such as underlying health problems or your job involves certain risks, they will want to ask more questions about this to not only determine the extra cost to cover those risks, but to make sure that you are fully covered and your policy is correctly underwritten.

As a plumber, your job roles could differ significantly from day to day, and these are just a few of the potential risks you might face on a daily basis:

  • Burns due to working with flammable items and electrics
  • Explosions
  • Falls due to working from great heights
  • Exposure to asbestos and other dangerous materials
  • Working in confined spaces
  • Eye injuries
  • Stress

As your job role may involve you facing the above hazards, you are at an increased risk of being involved in an accident or worse.

If you are exposed to these types of risks, your insurer will need to know – and the higher the risk you pose, the more expensive your premiums are likely to be.

The cost will also differ if you wish to add critical illness cover or income protection on to your policy.

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Critical illness cover and IP for plumbers

Critical illness cover is a separate policy to standard life insurance, but many choose to purchase it alongside their life policy for complete protection.

This is designed to pay out if you contract one of the specified illnesses listed in your policy and are unable to work as a result, helping you keep on top of your finances while focusing on recovery.

Income Protection is also a type of policy that can protect you financially if you suffer an injury or you are ill and unable to work, giving you monthly payments like a form of income until you are able to return to work.

Find out more here: Income Protection Buying Guide – What is it?

Where to buy life insurance as a plumber?

Depending on your role as a plumber, the types of jobs you are generally expected to carry out and the risks that come with it, you may find that plumber life insurance quotes vary substantially across the board.

It’s a good idea to get a range of quotes from different providers and comparison sites to find the right policy for you with the right level of cover and at an affordable price.

You can get started with Bobatoo today – simply tap the button below to get started and to see how much you could be saving on cover, no matter what your job entails.